Search results

You are looking at 1 - 10 of 109 items for :

  • "financialisation" x
  • Refine by access: All content x
Clear All
Ancoats and the ongoing housing question
Nigel de Noronha
Jonathan Silver

and was estimated to be worth billions of pounds (Silver, 2018 ). Much of this growth has emerged from the local and national government focus on remaking the private rented market, with a shift in emphasis from the ‘Buy to Let’ sector to the larger scale, institutionally friendly, ‘Private Rented Sector’ (PRS). These changes in the way in which housing is constructed, operated and owned have been understood through the term financialisation , which conveys how financial actors such as pension funds, sovereign wealth funds, billionaires, private equity and other

in How the other half lives
Abstract only
How to fix Britain’s broken railways

Britain’s railways are broken. They no longer serve the needs of passengers or the general public. Train services are unreliable, too often delayed, too expensive and complex to use, and marred by strikes. This book takes the reader on a journey to discover how years of under-funding and privatisation have deprived the public of a usable rail system. It is only through understanding how Britain’s rail system has been broken that we can know how to fix it. As it shows, fixing the railways means going beyond simple demands such as ‘renationalise the railways’ and asking instead ‘what do we want the railways to be for’? It is only by attempting to answer this question that we can rebuild the rail system into something that genuinely meets people’s needs. The answer is far from straightforward, but this book argues that, if they are to be useful, the railways must be part of the solution to the twin crises of the climate emergency and social inequality. This means significant increases in government investment, but the current state of the railways stems largely from successive governments’ unwillingness to properly fund them, mostly to protect the wealthy from tax increases. Given the uneven distribution of political power in Britain and the rigidity of public policy, those who want to see the railways fixed have no choice but to fight to take rail policy out of the hands of the political and financial elite who have led us into this mess.

Financialisation as a product of virtual fictitious financial capital
Aleksander Buzgalin
Andrey Kolganov

capital. At the surface level, this transformation has revealed itself as financialisation. Financial capital, the result of the fusion of banking and industrial monopolies, used the financial market both as an instrument of its reign and, at the same time, as a mode of solving of the problem of over-accumulation of industrial capital. The bubble-like growth of the financial market reflects the need of financial capital to appropriate profit on a global scale through financial instruments. This hegemony of financial capital (which became transnational) is developing in

in Twenty-first-century capital
Abstract only
The bank guarantee and Ireland’s financialised neo-liberal growth model
Fiona Dukelow

chapter first poses the bank guarantee as a moment of Irish neo-liberalism failing forward by examining the context in which the guarantee was announced and how Ireland’s subsequent banking bailout became the most costly bailout of the global financial crisis. It then explores the nature of neo-liberalism by considering recent debates of its non-demise and of how they have played out in the Irish case. The final section widens the focus again and considers the concept of financialisation and the financialisation of Ireland’s political economy, locating the guarantee

in Defining events
Why anger and confusion reign in an economy paralysed by myth

For a number of decades our economy has failed to work for ordinary citizens. Stagnant wages have been combined with underemployment and rising costs of basic goods like healthcare, education and housing. At the same time, a small minority of the population make obscene profits, while in the background we continue to hurtle headlong into an environmental emergency. However, despite there being no shortage of anger and anti-elite sentiment expressed in what is often referred to as the ‘culture wars’, no significant challenge to the dominant economic model has broken into the mainstream. The pound and the fury argues that behind this failure of imagination are a set of taken-for-granted myths about how the economy works – myths that stifle debate and block change. The book analyses these myths, explores their origin, how they circulate and how they might be dispelled at a time when, away from the public gaze, economic theory is opening up new possibilities of economic action. Possibilities that, as we emerge from the chaos of Covid-19, could lead to the radical structural changes we desperately need.

Sam King

national economy. 61 Lenin was clearly alert to aspects of the growing power of finance capital that capture the attention of modern writers concerned with ‘financialisation’. However, he had a fundamentally different understanding of these phenomena. In defining finance capital, Lenin

in Imperialism and the development myth
Abstract only
Edward Ashbee

the exit polls, almost four in ten voters (39 per cent) said that they sought a candidate who could ‘bring needed change’. The desire for a candidate who had ‘the right experience’ was secondary. Among those who wanted change, Trump secured 83 per cent of the popular vote compared with just 14 per cent for Clinton (Cillizza, 2016 ). Clinton not only represented ‘big government’ and the status quo, but also the elites that promoted trade liberalisation, financialisation and the politics of the ‘new economy’ that had so brutally displaced the old. Processes of

in The Trump revolt
Regeneration meets the Private Finance Initiative
Stuart Hodkinson

as part of the wider corporate takeover and financialisation of public services outlined in chapter 1. The second section unpacks official claims that the inflated cost to the public purse of using private finance over direct government borrowing is justified by the superior ‘value for money’ delivered through PFI’s ‘risk transfer’ and ‘payment by results’ model. I show that such claims amount to an accounting trick that exaggerates public sector inefficiency and private sector risk-taking while ignoring the greater social costs of using PFI. The third section

in Safe as houses
Abstract only
Safe and secure homes for all
Stuart Hodkinson

regeneration under PFI, lessons that are still being ignored by government: the need to restore accountability and power to resi­dents; the need to re-regulate construction and housing pro­ vision in the interests of safety; and the need to end the privatisation disaster through a programme of reforms that will gradually phase out PFI and outsourcing, push back the financialisation of housing and land, and restore a reinvented public housing model based on the Bevanite principle of treating housing as ‘a social service’ and not a commodity, as outlined in chapter 1. SAH

in Safe as houses
Abstract only
What’s the value of a whale?
Adrienne Buller

The introduction sets up the parameters and argument of the book. It opens with the International Monetary Fund’s valuation of a single whale to question the use of setting the monetary value of nature, opening out to demonstrate that this is just part of the financialisation of approaches to ecological and climate crises. The introduction then goes on to spell out the different aspects of economic thinking inherent in these approaches, which will be explained and analysed in the following chapters.

in The Value of a Whale